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HomeMy WebLinkAbout0368 s , ~ X ` ~ INSURANCE PROVISIONS "A. Personal Liability and Risk of Loss of Owners of Condo- minium Units and Se arate Insurance Covera e, Etc. An Owner may, at h s expense, o ta n nsurance coverage or loss of or damaqe to any furniture, furnishings, personal effects and other personal property belonging to such Owner, and may, at his expense, obtain insurance coverage against another while within such Owner's Apartment or upon the Common Elements. All such insurance obtained by an Owner ~ shall, whenever such provision shall be available, provide 1 that the insurer waives its right of subrogation as to any claims aqainst other Owners, the Condominium Association or the Developer, and their respective servants, agents and guests. Risk of loss or damage to any furniture, furnish- ings and personal property constituting a portion of the Common Elements which may be stored in any Apartmet~t shall • be borne by the Owner. All furniture, furnishings and personal property constituting a portion of the Common Elements and held for joint use and benefit of all Owners shall be covered by such insurance as shall be maintained in force and effect by the Condominium Association. An Owner shall have no personal liability for any damage caused by the Condominium Association or its agents, in~ connection with the use of the Common Elements or Limited Common Elements. An Owner shall be liable for any injuries or damage resulting from an_~accident within his own Apart- ment, to the same extent anc~ degree that the owner of a house would be liable for an accident occurring within his house. Any and all insurance or re-insurance placed or contracted for by any Owner must be placed with an insurer licensed and authorized to do business in the State of _ Florida, and maintaining a licensed agent in the State of Florida. B. Insurance Coverage To Be Maintained by the Condominium Associatfon; Insurance Trustee, Appointment and Dutfes; Use and Distribution of Insurance Proceeds, Etc. The following insurance coverage shall be maintained in full force and effect by the Condominium Association which sha11 cover the operation and management of the Condominium: ` j 1. Casualty insurance covering all Apartments, Common ~ ' Elements and Limited Common Elements in an amount equal to ~ " the maximum insurance replacement value thereof, exclusive ~ of excavation and foundation costs, as determined annt~ally ~ by the insurance carrier; or, if approved by the Board, said ~ ~ casualty insurance may be carried on not less than eighty ~ percent (80$} co-insurance basis. Such coverage is to afford ~ protection against (1) loss or damage by fire or other ~ ~ hazards, including windstorm, covered by the standard ~xtended ~ coverage or other perils endorsement, subject to such deductible ~ ~ provision as the Board may approve from time to time; and (ii) such other risks of a similar or dissimilar nature as are, or shall be customarily covered with respect to buildings similar in construction, location and use, including, but ~ not limited to, vandalism, malicious mischief, windstorm, , ~ water damage and war risk insurance if available. ; ~ 2. Public liability and property damage insurance in ~ such amounts and in such form as shall be required by the ~ Condominium Association to protect the Condominium Associa- } tion and Owners, including, but not limited to, water damage, ` legal liability, hired automob'ile, non-owned automobile and off-premises employee coverage. ; i ~ ~ ~ -4- ; : ~ ~ f' i ~lf~ ; ~ z53 36~ ~ ~ ~ ~ f~ - _ . - - ~ _ _ , v.